Regional Airline Box Scores September Financial Reports - Cargo Carrier

Air T [AIRT] {Federal Express, U.S. Air Force}
Quarterly trend \| Six month trend	2nd Q Ending 9/30/04	2nd Q Ending 9/30/03	Percent Change	6 Months Ending 9/30/04	6 Months Ending 9/30/03	Percent Change
UP \| UP Air Cargo Revenue	$6.8M	$5.1M	33.3%	$12.8M	$8.8M	45.4%
UP \| UP Total Revenue	$16.3M	$13.6M	19.8%	$31.4	$24.6M	27.6%
UP \| UP Total Expenses	$15.4M	$12.6M	22.2%	$29.6M	$23M	28.6%
UP \| UP Net Income	$538,000	$358,000	50%	$1M	$707,000	51.6%
UP \| UP Net Income Per Share	20 cents	13 cents	53.8%	40 cents	26 cents	53.8%
Analysis: While its air cargo sales grew by 33 percent in the second quarter, Air T still lost more than $1.1 million on its air cargo operations. A year ago, it lost $1.7 million. Its ground equipment manufacturing division, which has a long-term contract with the U.S. Air Force, continues to keep Air T profitable.

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